The deal, announced May 26 by Amazon.com Inc., gives the Seattle ecommerce giant rights to the storied studio’s library of 4,000 films and 17,000 television shows, including “Legally Blonde,” “Robocop,” “Survivor” and “The Handmaid’s Tale.”
The acquisition is subject to regulatory approval.
At Amazon's annual shareholder meeting on May 26, Chairman Jeff Bezos said the company plans to “reimagine” MGM’s catalog.
“The acquisition’s thesis here is really very simple: MGM has a vast, deep catalog of much-loved intellectual property,” Bezos said. “With the talented people at MGM and Amazon Studios, we can reimagine and develop that IP for the 21st century.”
Amazon spent $11 billion on content for its Prime streaming services in 2020. According to the company’s April 29 earnings report, 175 million of Amazon’s 200 million subscribers used its Prime Video platform for streaming in the past year, and streaming hours were up 70% year over year.
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